Connect with us

Politics

PRESS STATEMENT SIGNED BY H.E ATIKU ABUBAKAR

Published

on

Atiku Abubakar
Spread the love

Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan

In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.

The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.

According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.

The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.

It is on this note that we are calling on the Federal Government to speak up on this shady deal.

It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.

That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.

There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.

We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.

1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?

Signed
Atiku Abubakar
Vice President of Nigeria, 1999-2007.

Politics

UAE President to begin official state visit to US on Sept 23

Published

on

UAE President Sheikh Mohamed bin-Zayed Al Nahyan to begin official state visit to US on Monday - photo courtesy_WAM © Provided by Gulf Business
Spread the love

UAE President Sheikh Mohamed bin Zayed Al Nahyan will embark on his first official visit to the US as President on Monday, September 23, aiming to strengthen UAE-US ties.

During his meeting with President Joe Biden, the two leaders will focus on enhancing cooperation in key sectors such as the economy, investment, technology, renewable energy and climate action.

The UAE-US relationship, which spans more than five decades, is marked by robust economic ties, with bilateral trade reaching $31.4bn in 2023.

The US exported $24.8bn of goods and services to the UAE, marking a 19 per cent increase from 2022, resulting in an $18.3bn trade surplus – the fourth largest for the US globally.

The UAE’s trade with all 50 US states supports 166,000 American jobs, underscoring the economic significance of the relationship.

UAE-US collaboration across different sectors

Renewable energy will be a focal point, with the UAE’s Masdar company leading major investments in US states like Texas and California.

Read: Masdar acquires stake in US clean energy producer Terra-Gen

Technological collaboration is also critical, with partnerships between the UAE’s G42 and Microsoft Azure driving advancements in AI and cloud computing.

The visit will further address ongoing joint efforts in space exploration, with UAE entities working closely with NASA and US-based space companies.

The UAE’s investments in the US, valued at over $1tn, span sectors like real estate and renewable energy, contributing significantly to the US economy and job creation.

Ties are expected to deepen as Sheikh Mohamed and President Biden explore ways to enhance their countries’ shared vision for a sustainable and prosperous future.

Continue Reading

Politics

Rivers LGA Polls: Governor Fubara’s Loyalists Emerge as APP Candidates

Published

on

Spread the love

 

As the Rivers State Local Government Area (LGA) elections approach, loyalists of Governor Siminalayi Fubara have been confirmed as candidates under the African People’s Party (APP) platform.

Below is the list of candidates representing various LGAs:

1. Abua/Odual – Candidate to be announced
2. Ahoada-East – Chibudom Ezu
3. Ahoada-West – Mr. Iyekor Ikporo
4. Akuku-Toru – Hon. Mrs. Tonye Oniyide
5. Andoni – Hon. Lazarus Gogote Nteogwuile
6. Asari-Toru – Hon. Sule Amachree
7. Bonny – Hon. Anengi Barasua
8. Degema – Dr. Harry Agiriye
9. Eleme – Chief Brain Gokpa
10. Emohua – Barr. David Omereji
11. Etche – Hon. John Ngubo Otamiri
12. Gokana – Hon. Monday Dumiye
13. Ikwerre – Barr. Isreal Abosi
14. Khana – Hon. Martins Nwigbo
15. Obio/Akpor – Amb. Chijioke Ihunwo
16. Ogba/Egbema/Ndoni – Hon. Prince Isaac Umejuru
17. Ogu/Bolo – Ishmael Oforibika
18. Okrika – Hon. Igwe Achese
19. Omuma – Hon. Promise Reginald
20. Opobo/Nkoro – Enyiada Cookey-Gam
21. Oyigbo – Hon. Gift Okere
22. Port Harcourt – Ezebunwo Ichemati
23. Tai – Hon. Matthew Nenubari Dike

The Rivers State Independent Electoral Commission has scheduled the LGA elections for October 5, 2024.

Continue Reading

Politics

Okpai IPP: Nwoko’s attack on Oborevwori unsavoury, blackmail – Ifeajika

Published

on

Spread the love

 

The recent media attacks by the Senator representing Delta North Senatorial District, Senator Ned Nwoko, on Governor Sheriff Oborevwori over the Independent Power Plant[IPP) project in Okpai, Delta State, has been described as unsavoury and an attempt to coerce, stampede and blackmail the Governor before the public.

Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, stated this at a news conference on Thursday in Asaba.

Ifeajika, who said that Nigeria operates a three-tier government system, with defined roles and functions, urged Senator Nwoko to focus on the job of bringing democratic dividends from the Federal Government to his constituency, the reason why he was elected by the people.

He said that Nwoko’s attempt to demonise Governor Oborevwori over the IPP Step-Down, a Federal Government project, was unfortunate and deliberate intention to create unnecessary tension in the state.

According to him, Nigeria’s Constitution operates three tiers of government, and we all know how government functions. At all levels, there is the Executive, the Legislative, and the Judiciary, and they complement each other to function well.

“As constituents of members of the National Assembly from the state, we look up to them to attract development in different dimensions from the Federal Government to the Constituencies.

“Senator Nwoko’s job, like those in the House of Assembly here in Delta, is to work closely with President Bola Tinubu and the Federal Executive Council to attract development to Delta North, and by extension, to the state.

“Members of the House of Assembly here are also expected to work closely with Governor Oborevwori to attract projects and dividends of democracy to their people just as Councilors are expected to work closely with Local Government Council Chairmen to attract projects to their various wards.

“The first phase of the IPP project in Okpai in Ndokwa East, whose work started in 2002 was inaugurated by then President Olusegun Obasanjo in 2005, with the capacity to generate 480 megawats of electricity.

“Senator Nwoko knows where the authority for power generation and distribution in the country lies. He knows that the national grid where generated electricity is warehoused and distributed is under federal control.

“He knew all these and found that there was need to get the management of the IPP to meet an agreement that was reached before now so that Okpai community and others around that area could have a step down.”

The Governor’s aide recalled that Senator Nwoko had on March 7, 2024, moved a motion on the floor of the Senate asking the IPP Joint Venture partners – Federal Government, represented by NNPCL, Agip and Conoco to complete the step-down project.

He disclosed that the motion also urged the Federal Government to investigate the delay in distributing 100 megawatts of electricity to Okpai and adjoining communities through the proposed step-down.

“The motion didn’t say that Delta State Government should carry out or complete the step-down. This is because the state government was not involved in any way.

“The did not also asked that Delta State Government should be investigated for the delay in distributing the 100 megawatts of electricity from the IPP.

“Senator Nwoko knew where to situate the motion, and it was properly situated. We, therefore, find his utterances a bit uncharitable for him to begin to armtwist Governor Oborevwori to pick the bill of the Okpai project, which was not in any way within the purview of the state government.

“Senator Nwoko is in Abuja to bring whatever is available there to Deltans. We see a situation where he was trying to coerce and stampede the governor as something akin to blackmail.

“It became more uncharitable when he said that the governor must bring out the money to pay the contractors upfront. This is very irregular”, he said.

“We expected Senator Nwoko to fight at the national level and make the Federal Government to get the project done and not to come to the state to coerce Governor Oborevwori to use state funds to complete the project.

“We call on Senator Nwoko to pursue the case with the Federal Government who owns the project. He should rather champion the reconstruction of federal roads that are in terrible conditions in his constituency, including Onicha-Ugbo-Idumuje-Ugboko-Ewohinmi-Abuja road, which passes through his community (Idumuje-Ugboko) directly.

“We are worried that as the only Senator the PDP has in the state, he is creating a scenario of frosty relationship with the governor. We expect a healthy and positive collaboration with the governor for effective development of the state.

“Oborevwori couldn’t have told the Senator that he was paying debts left for him by the Okowa administration, because he (Oborevwori) understands governance and knows that government is a continuum.

“Senator Nwoko should learn from the Member representing Ndokwa/Ukwuani Federal Constituency, Hon. Nnamdi Ezechi, who has been very vocal, fighting and championing the course of why he was elected, including the Ukpai IPP.”

Ifeajika, who was Chief Press Secretary to the immediate past Governor, also debunked insinuations that Governor Oborevwori was concentrating development in Warri and environs.

“There is this notion that the previous administration did so much in Asaba and neglected Warri and environs and it was explained over and over that it was necessary to deflood Warri before proper road construction could be done there, hence Warri wasn’t given so much attention like other areas.

“Now that the drains in Warri are almost completed, Governor Oborevwori has started giving the city the attention it deserves and it is commendable because it is our wish to see Warri come back to its glory days.

“Rather than lampoon Governor Oborevwori for giving Warri attention, he should be commended and encouraged to do more in other areas that are lagging in the development of the state”, Ifeajika added.

Continue Reading

Trending